Naira Depreciates to N1,175 Per Dollar At Parallel Market

The Nigerian naira continued its downward slide on Thursday, December 7th, 2023, depreciating to N1,175 per dollar at the parallel market. This represents a 0.43% decrease from the N1,170 recorded on Monday.

Bureau de change (BDC) operators in Lagos quoted the buying rate of the greenback at N1,160 and the selling price at N1,175, leaving a profit margin of N15.

This latest decline comes after the naira experienced a significant depreciation of 17.91% on Wednesday, from N806.7 to N955.22.

At the official market, the FMDQ Exchange recorded a high of N1,159.10 and a low of N701 for the naira against the dollar.

It’s worth noting that on November 5th, 2023, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced a shift in focus towards price stability functions amid rising inflation and currency volatility.

Additionally, the CBN recently approved a reviewed service charter to enhance customer experience, demonstrating its commitment to improved service, information dissemination, and grievance redress mechanisms.

The ongoing fluctuations in the naira’s value highlight the challenges faced by the Nigerian economy and the importance of effective economic policies to address inflation and stabilize the currency.